MI NASAAC stocks analysis: Downtrend slows…for now

LME-registered stocks of NASAAC fell for the fifth consecutive week but the downtrend slowed last week to just 740t.

That was a function both of the 900t tranche of metal warranted Wednesday at Chicago and of slightly slower "out" rates, the latter a time-lag function of low cancelled tonnage in the previous week.

Fresh cancellations, however, accelerated last week to 4,480t, suggesting that draw activity will re-accelerate in the next couple of days.